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§ 5110. Warranties

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: July 1, 2001

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 5. Letters of Credit (Refs & Annos)
Chapter 51. Letters of Credit
Effective: July 1, 2001
13 Pa.C.S.A. § 5110
§ 5110. Warranties
Currentness
(a) Warranties generally.--If its presentation is honored, the beneficiary warrants:
(1) to the issuer, any other person to whom presentation is made and the applicant that there is no fraud or forgery of the kind described in section 5109(a) (relating to fraud and forgery generally); and
(2) to the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.
(b) Warranties arising under other divisions.--The warranties in subsection (a) are in addition to warranties arising under Divisions 3 (relating to negotiable instruments), 4 (relating to bank deposits and collections), 7 (relating to warehouse receipts, bills of lading and other documents of title) and 8 (relating to investment securities) because of the presentation or transfer of documents covered by any of those divisions.

Credits

2001, June 8, P.L. 123, No. 18, § 13, effective July 1, 2001.
13 Pa.C.S.A. § 5110, PA ST 13 Pa.C.S.A. § 5110
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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